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It seems I am not the first one with an idea like this, and indeed a similar format exists with Darthtabby's Let's Watch Full Metal Panic Together! (in which I will also participate). But I want to do something that's more fast-paced than the weekly schedule that is supposed to recreate the feeling of watching an anime the way it originally aired.

What is the Anime Watching Club?
The Anime Watching Club is an effort to add a social component to anime watching. Participants are watching the same anime in a roughly defined time frame and share their opinions in this topic.

How does it work?
The Anime Watching Club will focus on one anime at a time. You can find the anime currently covered along with the planned time frame in the title of this topic and, in greater detail, at the bottom of this post. The time frame will depend on the length of an anime, but will roughly be [number of episodes] days.
The Anime Watching Club will only announce a time frame (i.e. start and end date), you can choose for yourself when and how fast you want to watch. The anime will be freely discussed here. The only thing to consider are spoilers: Please use spoiler tags to talk about specific parts of the story.

What will be watched?
There are no restrictions; I will consider popular and niche titles from all genres, ages and formats (i.e. not only TV anime). No currently ongoing shows will be watched; those can be discussed in their respective threads.

Who chooses what to watch?
I will choose the first title to kick things off.
You can post suggestions for future titles here (or via private message) at any time. I will consider a poll system to decide future titles, but the exact process is yet to be determined.

Can I participate?
Yes, very much so!

Last, but not least...
This is supposed to be fun. We will make an effort to choose interesting titles, but no one will ever pressure you to watch something you don't want like or want to watch. Any questions and suggestions are welcome, of course.

tl;dr?

We will be watching anime together.

There will be a time frame for each anime depending on the length. 1-cour anime = 2 weeks, 2-cour anime = 4 weeks and so on.

Other than that you can watch at your own pace.

The current title will be discussed during the announced time frame in this thread.

No obligations whatsoever: Drop in whenever you like, drop out whenever you like. Discuss whenever you like, or keep quite if you prefer that.

One day a man, Kaiba, wakes up in a broken room. He has no memories, only a pendant with a picture of an unknown woman. Outside of the room are grotesque floating electrical clouds of disjointed memories. Kaiba is suddenly assaulted, and escapes into space. He travels to various planets, encountering various people and retrieving his memories. Memories of an inconsistent and decaying world, of his own agony and of Niero, the woman in the picture. (source: ANN)

Why Kaiba?
Kaiba is a rather atypical anime with an distinctive art style and very interesting themes and an unusual presentation by director Masaaki Yuasa who is. It enjoys a high reputation among fans and critics and is a prime example of how the medium anime can be used when creative minds get the freedom to create the works they really want to create.